3: Probability Concepts

Question 1

P(Ei)= 0:

Answer 1

The probability that the event will occur is never

Question 2

P(Ei)= 1:

Answer 2

The event is certain to occur, and the event is not random

Question 3

What are the two conditions of probabilities?

Answer 3

The probability of occurrence of any event is between 0 and 1: 0 ≤ P(Ei) ≤ 1
The sum of probabilities of all possible mutually exclusive, exhaustive events is 1

Question 4

Two events independent if the probability of occurrence of A:

Answer 4

does not affect the probability of occurence of B

Question 5

The expected value of a random variable, given an event or scenario:

Answer 5

Conditional expected value

Question 6

the probability weighted average of the possible outcomes of the random variable:

Answer 6

expected value

(not a probability)